Financial Reporting Council requires every company in Nigeria to register with them. They oversee the standardization of preparation of financial reports as prescribed by the Act setting them up. They also require consultant in other fields other than accounting to register with them provided to provide services that are reported in the financial statements. Their scope is quite large and they have begun earnestly to register most companies.
Special Control Unit Against Money Laundering is a unit of the Economic and Financial Crimes Commission (EFCC). The certificate is issued by the EFCC as a proof that a bank account is not being used for money laundering activities and is issued after a thorough background check.
SCUML is charged with the responsibility of monitoring, supervising and regulating the activities of Designated Non Financial Institutions (DNFIs) in line with the Money Laundering (Prohibition) Act ML(P)Act 2011 and the Prevention of Terrorism Act (PTA) 2011.
Section 25 of the Money Laundering Prohibition Act defines DNFIs as dealers in jewelry, cars and luxury goods, Precious stones and metals, Real estate, Estate developers, Estate surveyors and Valuers, Estate Agents, Chartered accountants, audit firms, tax consultants, clearing and settlement companies, hotels, casinos, supermarkets.
What documents are required to obtain the SCUML certificate ?
i. Certificate of Incorporation.
ii. Article and Memorandum of Association.
iii. Tax Clearance Certificate ( Not Applicable to NGOs).
iv. Audited Financial Report.
v. Authorized Operational License ( Not Applicable to NGOs).
vi. Company/Organization Profile.
vii. Constitution ( For NGOs Only)
vii. Agreement Signed between the NGO and the National Planning Commission ( For International NGOs Only).